日前，宁德时代（300750）"天行II轻商"新品发布会推出四款定制化产品——"天行II轻商"超充版、长 续航版、高温超充版、低温版。ICC鑫椤钠电数据库显示，2025年中国钠离子电池产量为3.45GWh，同 比增长96%。2025年钠离子电池实际落地产能约20GWh，考虑到多数产能实际释放时间节点在2025年二 季度后，2025年市场产能利用率不足40%。 国海证券认为，性能适配与经济性共振，钠离子电池有望迎来发展新周期。钠离子电池具备低温性能、 倍率性能等优势，潜在经济性优异。龙头厂商积极推进新品研发和产业化进程，持续与下游客户及上游 供应商进行磨合迭代，产品性能不断优化，后续钠离子电池增长空间广阔，研发制造实力强、下游客户 卡位坚实的材料厂商及把握前沿技术的电池厂商均有优质发展机遇。 招商证券认为，过去几年，钠离子电池成本快速下降，能量密度也有较大提升，其应用场景与规模在不 断扩大。从终端场景来看，整车基于低温性能和成本的考虑，开始在A0/A00车型使用，并扩展到混动 车型。在二轮车市场，钠电较锂电有安全和成本优势；在储能领域，钠电从户储进入到大储应用。在动 力、储能等多个市场，钠离子电池有望逐步走向规 ...

Core Viewpoint - CATL is expanding its presence in the commercial vehicle sector with the launch of the Tianxing II light commercial vehicle solution, aiming to redefine its role from a hardware supplier to a smart manufacturing platform [1][2]. Group 1: Market Overview - The commercial vehicle market in China is projected to reach 4.25 million units in sales this year, with a penetration rate of new energy vehicles exceeding 35% [1]. - By the end of 2024, the penetration rate is expected to be only 10% [1]. Group 2: Product Launch and Features - CATL has launched the Tianxing II light commercial series, collaborating with 46 automakers and producing 678 new models, with a cumulative shipment of over 210,000 units [2]. - The Tianxing II features a long-range version with a 253 kWh battery, achieving a real-world range of 800 kilometers, targeting the intercity freight market [2][3]. Group 3: Cost Savings and Warranty - Utilizing off-peak electricity for charging, a single light truck can save up to 150,000 yuan in fuel costs annually [3]. - CATL offers a warranty of "10 years or 1 million kilometers" with a promise of no degradation in the first year, addressing concerns of long-distance drivers [3]. Group 4: Technological Innovations - The Tianxing II introduces the industry's first mass-produced sodium battery, which performs well in extreme cold, retaining over 92% usable capacity at -20 degrees Celsius [3]. - The supercharging version can charge to 80% in 30 minutes at -15 degrees Celsius, while the high-temperature version maintains a cycle life of 5,000 times at 45 degrees Celsius [3]. Group 5: Digital Solutions and Asset Management - CATL has launched the "Battery Manager" app, which generates health scores for batteries and addresses trust issues in second-hand vehicle transactions [4]. - The app is part of a broader strategy to improve the residual value of vehicles equipped with CATL batteries, potentially exceeding 10,000 yuan compared to competitors [4]. Group 6: Future Plans and Market Strategy - CATL plans to establish 3,000 battery swap stations by 2026, aiming to reduce vehicle purchase costs by 10% through a "separation of vehicle and battery" model [5]. - The company emphasizes that future competition will focus on systematic victories based on real operational scenarios rather than just battery specifications [5]. - The upcoming "trade-in" policy in 2026 is expected to enhance subsidies for new energy commercial vehicles, further accelerating user adoption [5].